KfW IPEX-Bank has announced its involvement in financing two major Polish offshore wind farms, Baltyk 2 and Baltyk 3. These projects, each with a capacity of 740 MW, are part of a consortium involving 30 commercial banks, international financial institutions, and export credit agencies.
Acting as Mandated Lead Arranger, KfW IPEX-Bank is one of the principal lenders for the two financings, each valued at approximately EUR 3 billion. The bank also serves as Euler Hermes Agent for a group of 20 banks within this consortium. Equinor, a Norwegian multinational energy company, along with Poland's largest private energy group Polenergia, are sponsoring these projects.
The Baltyk 2 wind farm is situated about 37 kilometers off the Polish coast while Baltyk 3 is located around 22 kilometers away. Both wind farms are expected to be operational by 2028 and will collectively supply electricity to approximately two million households.
European companies play a significant role in constructing these wind farms by providing deliveries and services. Each site will feature fifty Siemens SG 14-236 DD turbines. This project marks the third and fourth offshore wind farms in Poland after "Baltic Power" and "Baltica 2," with KfW IPEX-Bank being a notable financier in all four endeavors.
These developments support the European export industry within an expanding market for offshore wind energy. They align with Poland's objectives to reduce greenhouse gas emissions and phase out coal-fired power plants, contributing significantly to Europe's energy transition.
Dr Velibor Marjanovic from KfW IPEX-Bank remarked: “With these financings we underline our claim to be one of the world's leading arrangers of offshore wind energy financings and our commitment to supporting German and European producers of renewable energy assets. Our prominent role in these two complex transactions paves the way for new offshore financings in Poland and other offshore wind markets.”